BP plc (NYSE: BP) is under fire, as if that is not the understatement of the decade. While shares fell over 16% and were headed to close close to $29.00 today there was a hell of an options trading pattern in the PUT options. BP had explosive options trading down all the way in the PUT contracts under $20 and even down to $10 and lower…. This is the data shortly before the closing bell just on the JUNE-2010 CALLS alone:
If you look, that is a first for options trading. The prior open interest was listed as a whopping 5 contracts spread out among the $7.50 to $15.00 PUT strikes before today. Many of these are sure to be just extremely low probability high-risk vs. high-reward scenarios. Still, it will make you wonder….
JON C. OGG
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